Mortgage Timeline: Inspection, Survey, Insurance Coverage

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Mortgage Timeline: Contract, Documents and Appraisal
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In part one of this multi-part blog series, we went over the earliest parts of the mortgage timeline for those who are entering this world for the first time. There are several steps that make up a mortgage and homebuying process, and attending to each of them with the proper care will make your entire application and home search situation simpler and easier.

At VIP Mortgage Inc, we’re proud to offer a variety of quality mortgage services, including the best mortgage rates in Phoenix and other parts of Arizona. We’re also here to walk our clients through the important stages of the process, one where both your realtor and our loan officers will regularly be in communication with you to help you cover the important ground required. Today’s part two of our series will go over several of the other steps that are covered during the middle parts of this process.

Inspections and Repairs

As we finished off with in part one, you have already signed a contract with the seller of the home, entering you into an agreement with them. Part of this contract will be an allowance for a certain time period in which you, the buyer, can carry out your inspection (through a third party) and agree on any repair needs, including those that will be the seller’s responsibility.

Usually, the contract will specify a period in the range of 10-14 days for this, though this can vary. In cases of VA or FHA loans, the appraiser themselves may require certain repairs. Your realtor is your main point of contact for maintaining due dates and inspection periods.


In some cases, an additional survey will be ordered after the appraisal and inspections are finished. This will usually be ordered by the loan company. However, in many situations, due to the increasing quality of title insurance, there may not be a need for a home survey. Speak to your loan officer about this if you have questions.

Lender Instructions

During this same time period, your loan officer will deliver all lender instructions to the title company who will handle the home sale. They will include any documents or other tasks that need to be completed before mortgage funds can be paid to the seller, possibly including information or other details required from the borrower.

Insurance Arrangements

This is also the period where you should be reaching out to your insurance broker, or to others on the market, to inquire about both homeowners’ and hazard insurance. Such brokers are experienced with coordinating with your loan officer and title company, and will handle all the details therein for you.

For more on the important steps in the mortgage timeline, or to learn about any of our home loan services, speak to the staff at VIP Mortgage Inc today.

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